Page 4 - Oil And Gas

Biden rule aims to reduce methane emissions, targeting oil and gas industry

The Biden administration on Saturday issued a final rule aimed at reducing methane emissions, targeting the US oil and natural gas industry for its role in global warming as President Joe Biden seeks to advance his climate legacy. The Environmental Protection Agency said the new rule will sharply reduce methane and other harmful air pollutants generated by the oil and gas industry, promote use of cutting-edge methane detection technologies and deliver significant public health benefits in the form of reduced hospital visits, lost school days and even deaths. Air pollution from oil and gas operations can cause cancer, harm the nervous and respiratory systems and contribute to birth defects. EPA Administrator Michael Regan and White House Climate adviser Ali Zaidi announced the final rule at the United Nations climate conference in Dubai, United Arab Emirates. Oil and gas operations are the largest industrial source of methane, the main component in natural gas and far more potent th

OPEC defends 'vilified' oil-and-gas industry on eve of climate meeting

The Organization of Petroleum Exporting Countries said that the IEA has "unjustly vilified" the industry over its role in the climate crisis

Oil, industrial firms to commit to decarbonisation at COP28: UAE's Jaber

Jaber did not disclose further details of the measures that had been agreed or identify the executives, but said those who had signed up would be named upon completion of the commitment

Energy consortium bids in Lebanon's licensing round for oil, gas blocks

The consortium last month began drilling an exploratory well in Lebanon's Block 9, one of the blocks falling alongside the newly delineated maritime border between Lebanon and Israel

Biden admin cancels remaining oil, gas leases in Alaska's Arctic Refuge

In an aggressive move that angered Republicans, the Biden administration cancelled the seven remaining oil and gas leases in Alaska's Arctic National Wildlife Refuge on Wednesday, overturning sales held in the Trump administration's waning days, and proposed stronger protections against development on vast swaths of the National Petroleum Reserve-Alaska. The Department of Interior's scrapping of the leases comes after the Biden administration disappointed environmental groups earlier this year by approving the Willow oil project in the petroleum reserve, a massive project by ConocoPhillips Alaska that could produce up to 180,000 barrels of oil a day on Alaska's petroleum-rich North Slope. Protections are proposed for more than 20,000 square miles (51,800 square kilometers) of land in the reserve in the western Arctic. Some critics who said the approval of Willow flew in the face of Biden's pledges to address climate change lauded Wednesday's announcement. But they said more could be

Norway approves 19 oil, gas projects; resulting investments over $19 bn

Norway announced on Wednesday it approved 19 oil and gas projects on the Norwegian continental shelf, saying the total investments are worth over 200 billion kroner (USD 19 billion). "The projects are also an important contribution to Europe's energy security, said Terje Aasland, Norway's minister for petroleum and energy. Norway was the only net exporter of oil and gas in Europe, he said, adding, By carrying out these projects we ensure new production from the latter half of the 2020s, so that we can maintain high Norwegian deliveries. The projects consist of new developments, further development of existing fields, and investments in projects for increased extraction at existing fields. Norway, one of the world's wealthiest countries due to its vast oil and gas reserves, said earlier this month that it wants to open parts of its continental shelf for commercial deep-sea mining in line with the country's strategy to seek new economic opportunities and reduce its reliance on the oi

Essar Oil partners Sensia for digitalisation of oil, gas field operations

Essar Oil and Gas Exploration and Production Ltd (EOGEPL), India's leading pioneering unconventional hydrocarbon player, on Thursday announced its collaboration with Sensia for the digitalisation of oil and gas field operations to enhance operational efficiencies. "This strategic partnership aims to unify measurement systems, optimise decision-making and enable remote control of critical parameters across EOGEPL's wells, facilities and customer interface," it said in a statement. EOGEPL, which produces gas from coal seams (called coal-bed methane), will deploy Sensia's Avalon digital platform interface. "Sensia's Avalon platform offers a comprehensive interface that simplifies the capture, analysis and digitisation of well-related activities, facility-related activities and customer end operations," it said. The platform enables real-time data acquisition of essential parameters, such as mechanical, electrical, gas and water flow, pressure, and power backup device data, among other

Stop funding new oil & gas plans, expanding reserves: UN Chief Guterres

G20 leaders should aim for a new set of carbon reduction targets by November, says Guterres

Net zero target: Why 'sustainable economic growth' will elude India

Western reluctance to spend on climate action and the govt's inability to accelerate renewables to power faster economic growth are major hurdles to the net zero target

Oil India hits 8-month high on highest-ever quarterly profit in Q3FY23

In the past six months, Oil India soared 26 per cent, as against 3 per cent rise in the S&P BSE Sensex

TMS Ep366: Oil and gas, Ananya and Aryaman Birla, Mark Mobius, public float

Have India's oil and gas ambitions hit a tax wall? Ananya and Aryaman: Who are the new Birlas? What does Mark Mobius think of the Adani - Hindenburg saga? What is public or free float? Answers here

Shell annual profit doubles to record high as war drives up energy costs

Global energy giant Shell said Thursday that its annual profits doubled to a record high last year as oil and natural gas prices soared after Russia's invasion of Ukraine. London-based Shell Plc posted adjusted earnings of USD 39.9 billion for 2022 in its financial results for the final three months of the year. Adjusted earnings in the fourth quarter, which exclude one-time items and fluctuations in the value of inventories, rose to USD 9.8 billion. Shell is the latest oil company to report bumper profits, even as the fossil fuel industry faces increasing pressure to cut climate-changing carbon emissions. US-based Exxon Mobil also posted record annual profits days earlier, while UK rival BP and France's TotalEnergies posted huge quarterly profits last year. The results demonstrate Shell's capacity to deliver vital energy to our customers in a volatile world," new CEO Wael Sawan said in a statement. It's the first earnings report presented by Sawan since he took over as chief ...

China's oil and gas consumption declined in 2022 amid weakening economy

There remains a high degree of uncertainty because a recession in the United States and Europe could reduce demand, said Krauss

Budget 2023-24 wishlist: Here are the key challenges in oil & gas sector

Emergence of renewable fuels causing displacement of petroleum fuels' demand

Puri hopes for cut in petrol prices no sooner oil firms recoup past losses

Oil Minister Hardeep Singh Puri on Sunday hoped petrol prices will be reduced no sooner state-owned oil companies recoup past losses. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have for the past 15 months not revised petrol and diesel prices in line with the cost. The losses incurred are now being recouped after oil prices slid. "I will hope if under-recoveries (or losses) end, prices should come down," he said at an event here. Softening of international prices from multi-year peak hit last year had led to companies making profit on petrol but they continue to incur losses on diesel. At one time, profit on petrol was Rs 10 per litre but subsequent firming of oil prices have trimmed it down to halve. Diesel losses have widened to Rs 13 a litre from Rs 10-11 earlier this month, industry sources said. Puri said oil companies acted as responsible corporate citizens by not burdening consumers of the

India increasing domestic oil and gas exploration: Hardeep Singh Puri

India, the world's third largest energy consumer, is increasing domestic oil and gas exploration, diversifying import basket, switching to alternate sources and using gas and green hydrogen as a pathway to energy transition and security, Oil Minister Hardeep Singh Puri said Sunday. Puri, who was here for an event showcasing age-old boats on the 'ghats' of the holy city switching to CNG instead of polluting diesel, said India is projected to contribute fourth of the world's energy demand growth in next couple of decades. While the nation is dependent on imports to meet 85 per cent of its oil needs and 50 per cent of its natural gas requirements, India is mixing ethanol extracted from sugarcane and other agri produce in petrol to cut overseas reliance. It will achieve 20 per cent ethanol blending in petrol by 2025, Puri said. "Our energy security strategy is based on four pillars of diversification of energy supplies, increasing exploration and production footprint, using alternate

Guyana wants Indian companies to invest in its oil and gas sector: Govt

India is diversifying its crude import sources and in 2021 imported Guyanese Liza crude

ONGC Videsh retakes 20% stake in Sakhalin-1 oil and gas fields of Russia

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has re-taken a 20 per cent stake in the Sakhalin-1 oil and gas fields in the far east region of Russia, an official said on Monday. Russian President Vladimir Putin in October last year disbanded Exxon Neftegaz - a regional subsidiary of US super major ExxonMobil - as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator. The other former foreign shareholders in the project - Japan's Sodeco consortium and ONGC Videsh - were asked to apply to the Russian government to regain their shareholdings in the project. OVL applied and has been given the same shareholding as it had previously, the official said. Production from Sakhalin-1 stopped in April 2022 after Exxon Neftegaz declared force majeure at the project in response to international sanctions imposed on Russia following its invasion of Ukraine. Moscow assigned the Sakhalin-1 project and

Govt sticks to demand for increased share in Barmer oil & gas block

The SC has been hearing a dispute between Vedanta and the federal government related to an extension of the production-sharing contract for the Barmer asset in the western state of Rajasthan

Demand to exploration: Key warning signals for India's gas industry in 2023

Consumers will be in trouble, given rising European demand from India's traditional suppliers, the absence of gas storage facilities and the lack of a clear LNG procurement strategy